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Home / Law / Mortgage plan for Fannie, Freddie may face legal snag

Mortgage plan for Fannie, Freddie may face legal snag

President Barack Obama’s plan to use mortgage-finance companies Fannie Mae and Freddie Mac to refinance as many as 5 million loans may face legal challenges over whether the administration is overstepping its authority. The proposal may violate requirements that homeowners put up at least 20 percent of the appraised value of a home or carry mortgage ...

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